Global Life Sciences Diversified ADR Managed Account Q3 2025 Commentary

Janus Henderson Investors3.6K FollowersFollow5ShareSavePlay(10min)CommentsSummaryThe Portfolio returned 7.33% (gross) and the MSCI World Health Care Index returned 3.12%.Stock selection and an overweight in biotechnology drove relative returns, while stock selection in devices and medical technology weighed on performance.Biotech stocks were supported by a pickup in mergers and acquisitions, a solid pace of drug approvals, as well as a rate cut.Despite near-term policy uncertainty, we believe healthcare's innovation remains intact and that many of the sector's stocks remain overly discounted.Within our portfolio, we continue to emphasize early commercial-stage companies with breakthrough products that control their own destinies and late-stage development companies. Arpana Singh/iStock via Getty Images At a glance Performance The Portfolio returned 7.33% (gross) and the MSCI World Health Care Index SM returned 3.12%. Contributors/detractors Stock selection and an overweight in biotechnology drove relative returns, while stock selection in devicesThis article was written byJanus Henderson Investors3.6K FollowersFollowJanus Henderson Investors exists to help clients achieve their long-term financial goals. Formed in 2017 from the merger between Janus Capital Group and Henderson Global Investors, we are committed to adding value through active management. For us, active is more than our investment approach – it is the way we translate ideas into action, how we communicate our views and the partnerships we build in order to create the best outcomes for clients. While our investment managers have the flexibility to follow approaches best suited to their areas of expertise, overall our people come together as a team. This is reflected in our Knowledge. Shared ethos, which informs the dialogue across the business and drives our commitment to empowering clients to make better investment and business decisions.www.janushenderson.com